Divorce and Trusts: Dissolving or Amending Existing Trusts and Using New Trusts in Divorce Planning

This CLE webinar will discuss what family lawyers need to know to evaluate existing trusts that their client or a divorcing couple have. The panel will explain how to identify changes that should be made to trusts due to dissolution of the marriage and how family lawyers can use or create trusts to address assets and money payments.

Description

Most trusts will require some changes or amendments due to dissolution of a marriage because each party will likely have different plans regarding the distribution of assets and disposal of each estate.

Family law attorneys must be sufficiently conversant with trusts to remove a former spouse as a fiduciary, update documents to reflect the client’s new situation, and identify other potential pitfalls inherent in trusts post-divorce. Neglecting to consider trusts when negotiating a property settlement can result in unintended consequences, particularly tax liabilities.

Trusts can also be created during the divorce process to reflect changed circumstances. Support trusts may be preferable to periodic alimony payments, especially if there will be little contact between the spouses post-divorce.

Clients may need trusts for estate planning to provide funds for children and other heirs. Irrevocable grantor retained annuity trusts can accomplish that goal, while reducing tax liability. A qualified domestic trust (QDOT) is a beneficial vehicle for gifts and inheritances to non-citizen spouses.

Listen as our authoritative panel of attorneys provides the knowledge of trusts that family lawyers need to know when advising clients on existing trusts and changes needed due to the divorce. The panel will also discuss the use or creation of trusts during the divorce proceeding to address assets and monetary payments after the divorce is finalized.

Faculty

Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their...
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Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their wealth in a tax efficient manner. He is the editor and co-author of Preparing Fiduciary Income Tax Returns, a contributing author of Preparing Estate Tax Returns and Understanding and Using Trusts and a contributing author of Drafting Irrevocable Trusts in Massachusetts. He is a lecturer in law in the Graduate Tax Program at Boston University School of Law.

Ms. Wood has extensive experience in family law matters such as divorce, paternity, child custody, child support,...
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Ms. Wood has extensive experience in family law matters such as divorce, paternity, child custody, child support, motions to modify, appeals, contempt and other family law matters. She been on the list of Rising Stars for Family Law by Illinois Super Lawyers Magazine. She is licensed to practice law in both Illinois and Missouri.

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$197

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